Finance Act 2003

121 Minor definitions U.K.

In this Part—

• “assignment”, in Scotland, means assignation;

• “completion”, in Scotland, means—

  (a)

  in relation to a lease, when it is executed by the parties (that is to say, by signing) or constituted by any means;

  (b)

  in relation to any other transaction, the settlement of the transaction;

• “employee” includes an office-holder and related expressions have a corresponding meaning;

• “jointly entitled” means—

  (a)

  in England and Wales, beneficially entitled as joint tenants or tenants in common,

  (b)

  in Scotland, entitled as joint owners or owners in common,

  (c)

  in Northern Ireland, beneficially entitled as joint tenants, tenants in common or coparceners;

• “land” includes—

  (a)

  buildings and structures, and

  (b)

  land covered by water;

• “registered social landlord” means—

  (a)

  in relation to England and Wales, a body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996 (c. 52);

  (b)

  in relation to Scotland, a body registered in the register maintained under section 57 of the Housing (Scotland) Act 2001 (asp 10);

  (c)

  in relation to Northern Ireland, a housing association registered in the register maintained under Article 14 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15));

• “standard security” has the meaning given by the Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35);

• “statutory provision” means any provision made by or under an Act of Parliament, an Act of the Scottish Parliament or any Northern Ireland legislation;

• “surrender”, in Scotland, means renunciation;

• “tax”, unless the context otherwise requires, means tax under this Part.

Commencement Information

I1 Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)